Following a four-day trial, Carlson determined that, with few exceptions, the taxpayers' assessments were not based upon their properties' fair market values and were excessive, according to the court decision.

The circuit court also found that the town assessed properties in the nearby Assembly Park neighborhood at 45 percent below their fair market values, according to the court decision.

Carlson's ruling declined to award the taxpayers refunds based on assessments 45 percent below market value, and instead based the refund on the amount that they would have paid in property taxes for 2009 and 2010 if the Assembly Park properties had been properly assessed.

The court adopted the fair market values for the taxpayers' properties presented by their appraisal expert in calculating their refund for excessive assessments.

The taxpayers, however, wanted the additional refund amount and appealed.